Specialist investment vehicle for brokers and MGAs, Global Risk Partners (GRP), revealed its
biggest deal to date earlier this week, as it announced it would acquire Crewe-based broker The County Group.
Following what it called a “transformational” 2017, GRP told
Insurance Business in December that it
had big plans for 2018, including making more acquisitions as part of its strategy to build regional hubs.
Now
Insurance Business has spoken again to GRP’s CEO of broking, Mike Bruce, to find out more about the rationale behind the latest move, and what we might see next from the firm.
“This is an important acquisition for us not just for the size, but because it gives us reach into the North West and Wales,” Bruce said.
“GRP was the leading dealmaker in the independent broking sector last year with twelve acquisitions, and we have a strong pipeline for this year, as the UK retail broking sector is still a dynamic and promising space for M&A.
“Of course, it’s valuable for our hubs to be scaled businesses, but size isn’t everything. We are interested in businesses where management has entrepreneurial flair and is growth orientated, both organic and inorganic. Some of our deals have been small, but we have been impressed by the quality and ambition of the management teams,” he said.
Following the buy up, The County Group – led by CEO
Dave Clapp – is expected to use the additional firepower provided by GRP’s investment to accelerate their growth plans, according to Bruce.
“County is itself acquisitive, having purchased Inspire Risk Management, NMJ, Arthur
Marsh and Thompson Brothers last year, so there is no reason to doubt that it will continue to look at opportunities,” he said.
While the business will act as GRP’s North West hub, its footprint reaches to Birmingham and Wales, making it a “much broader operation.”
Bruce added: “We will also seek to provide support for those parts of the business, such as regulation, compliance and IT, where it’s sensible to do so, leaving the team to focus on what they’ve proven themselves to be very good at – building a powerhouse business through providing high quality products and service for their clients.”
Related stories:
Global Risk Partners reveals year-end financials, 2018 plans
The County Group snapped up in latest GRP acquisition
